India is preparing to sign a new resolution against the use of cryptocurrencies. This decision can affect specific cryptocurrencies.
India may restrict the use of cryptocurrencies
Although the cryptocurrency market has been on the rise in recent years, it continues to face restrictions in some countries. India is among these countries.
Being at the focal point of every sector due to its large population, India is also of great importance for the crypto money market. however, the Indian Parliament will consider a new bill against cryptocurrencies. The bill submitted by the government includes a ban on private cryptocurrencies.
With the prohibition of crypto currencies in India, the creation of an official digital currency belonging to the country is also being talked about. If parliament approves this bill from the government, India will be the only major Asian country to ban the use of cryptocurrencies. However, instead of banning it entirely, a restriction-oriented decision may be made.
In the circular published in 2018, transactions with cryptocurrencies and providing services were prohibited in India. A possible blocking decision in India could adversely affect the cryptocurrency market.